Quote from: rpietila on April 01, 2014, 11:06:18 AM

Quote from: AnonyMint on April 01, 2014, 09:44:16 AM

Oh fuck look what just happened under our nose while we were not paying attention!

https://www.goldsilverbitcoin.com/bitpay-worlds-first-zero-transaction-fee-payment-processing/

So who is paying those high fees? We the customers in the exchange rate!!! And liquidating our investment!

Fuck we've been sucked into a fiat vortex by that same bastard Peter Thiel who angel funded Facebook and Paypal.

(The article is from the beginning of 2013-11-11, so almost a complete boom-bust cycle ago). I don't see the evil here. Everybody is free to liquidate their investment or use bitcoin as a currency, or do both.

Money has different functions, among which the important ones are:

Store of value

If you have a wealth management plan (I had ever since I made my first FIM 10,000, and it has been very elaborate since EUR 40,000), you allocate your assets to different categories that serve different purposes and provide upside and security in different scenarios. What you use as payment is completely different, although it is usually practical to have at least a small balance in the currencies you transact with.

Means of payment

Payment amounts are quoted in different currencies and you can typically pay in any currency with the use of conversion, which may be automatic or manual. What you own does not determine your means of transaction, unless it is a very big one in which case it might carry additional liquidity, tax or hassle considerations. You are free to use whatever currency as your unit of accounting, regardless of the country's fiat, or the allocation of your assets.

Thus, the rise in the use of something as a quote currency or a transaction currency, can at most be irrelevant to its value, but typically is positive, and the following statement

Quote from: AnonyMint on April 01, 2014, 08:53:24 AM

The more success Bitpay has, the worse for Bitcoin. Because Bitpay is all about liquidating BTC from investors (not bringing in proportionally new customers to the ecosystem).

is absurd and wrong.

Quote

Bitcoin is pointed down now and it will be a vicious cycle that feeds on itself. It is structural and we have to go down and restart from a low equilibrium.

It is impossible to be 100% certain of anything. But a tendency in your writings seems to be that once you recognize something that in your assessment is a threat to Bitcoin, it means that the price action should follow immediately following your enlightenment. Since the Bitcoin economy is composed of perhaps a million actors, with many holding significant Bitcoin and/or fiat balances, your individual timing in understanding matters is not actually that important.

The beauty of the 5.25-year trendline with exponential fit (R^2=0.93 which is pretty darn good) is that it takes into account every worry of every person who has ever owned or not owned bitcoins. I put more weight on that than the individual worries of a single person.

It almost sounds like that you are first time experiencing a major low in bitcoin exchange rate.

Which graph can you point me to for the 5.25-year exponential trend line?